Will hundreds of apartments in the heart of Tel Aviv come to fruition? Ronit Raphael is studying a construction project for 200 apartments on Bazel Street in Tel Aviv
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Businesswoman Ronit Raphael, owner of an international chain of cosmetic institutes, is considering merging two plots of land. Indeed, she is currently examining the possibility of cooperating with the buyers of the Magen David Adom building located on Basel Street in Tel Aviv. This building is adjacent to the “Ronit Raphael House,” which she owns.
The press revealed that Ms. Rafael wanted to merge a plot she owns with the buyer of the adjacent MADA (Magen David Adom) building, in order to double the construction rights.
Two plots in the heart of Tel Aviv for optimal construction.
The unification of the two plots will enhance the land of both bodies and allow for the addition of dozens of apartments.
The MADA plot – 2.5 dunams, belongs to the municipality of Tel Aviv. MADA has leased this property until 2021 with the possibility of a 49-year extension. A few weeks ago, the two entities issued a joint tender for the sale of the land. The tender will close on Thursday.
According to the terms of the tender, the winner will pay 51 million NIS to MADA. The remainder will be paid to the municipality of Tel Aviv. The potential for constructing dozens of apartments in the heart of Tel Aviv is of interest to entrepreneurs.
The winner of the tender will demolish the MADA house and will be able to build a residential building of about 80 apartments.
Merging the two plots in the heart of Tel Aviv
The merger of the two plots, MADA and Rafael, will allow for the construction of nearly 200 apartments in seven-story buildings. The value of the combined lot reaching over 350 million NIS. A boon of dozens of percentage points more than today. That is, nearly 90 million NIS in a consolidated situation.
Eli Levy, director of the real estate department of the municipality of Tel Aviv-Jaffa, stated to the press:
Before the publication of the tender regarding the sale of the land, the municipality considered leading the consortium. However, this did not interest the owners. Levy does not oppose the unification of the lots.
Ronit Raphael stated:
“The Ronit Raphael building located in the Bazel complex in Tel Aviv is the flagship branch of Ronit Raphael – the queen of beauty in Israel. The site has been successfully operating for 20 years and contrary to the publication, the building is not for sale. Furthermore, no negotiations are taking place and we are not considering any options or purchase offers.”
